The Food inflation rate has increased by over one hundred and eight percent (108%) in the last five years.
This sharp increased food inflation rate began a few months after president Muhammadu Buhari led-administration took over the helm of affairs in 2015.
According to a report by Nairamatic, this was determined by comparing the composite index for food inflation rate in August 2020 versus same period in 2015. The difference is a whopping 108% increase in inflation rate, in just 5 years. Within this period, Nigeria’s exchange rate has been devalued by 49%.
However,Nigerian government have attributed Recent sharp increases to the ongoing coronavirus pandemic during which the government locked down the country.
Headline inflation, which includes the prices of food and other goods and services, grew to 13.22 percent in the same month from 12.82 percent in July. It is the highest in more than two years.Increase in food prices was responsible for most of the rise in inflation across the country.